Renovated Quadplex with Leased
For Sale
Contact for pricing
502 2nd St, Steelton, PA 17113
Fully occupied residential property with renovated units, a separately leased garage, and R-2 zoning.
Property Size4,267 SF
Price / SF$117.15
Days on Market48
Property Features for 502 2nd St
General Information
Standard status
Active
Size
4,267 SF
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1880
Year Renovated
2019
Stories
2
Units
4
Listing Agency:
Keller Williams Elite
(717) 621-8404
Listed By:
Christen Tribbitt · License #PA353502
Source:
Crexi
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 31 at 6:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Elite
Investment Insights
Based on property information with market context.
This 4,267-square-foot quadplex contains four residential units and was built in 1880. Several units received renovations in 2019, and the property is fully occupied with established tenants. A separate garage lease adds another established revenue component to the asset.
The property encompasses 502 2nd Street and 65 Boyer Street on a single parcel in Steelton, Pennsylvania. R-2 zoning supports the residential configuration, while the combination of multiple units and a separately leased garage provides distinct income sources within one property.
The property encompasses 502 2nd Street and 65 Boyer Street on a single parcel in Steelton, Pennsylvania. R-2 zoning supports the residential configuration, while the combination of multiple units and a separately leased garage provides distinct income sources within one property.
Key Highlights
- Four residential units in a 4,267‑square‑foot quadplex
- Fully occupied with established tenants
- Several units renovated in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,087
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$761,740
$761.7K
Cap Rate 7%
$544,100
$544.1K
Cap Rate 9%
$423,189
$423.2K
Market Conditions
NOI Build-Up for 4,267 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.9K $13.80/SF
− Vacancy
−$4.5K −$1.05/SF
EGI
$54.4K $12.75/SF
− OpEx
−$16.3K −$3.83/SF
NOI
$38.1K $8.93/SF
Area
Dauphin County, PA
Vacancy
7.60%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$761,740
Cap Rate 7%
$544,100
Cap Rate 9%
$423,189
Alternative Uses
Best Use
Multifamily LT 5
$544.1K
$476.1K – $634.8K
NOI $38,087 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$484.9K
$424.3K – $565.7K
NOI $33,941 @ 7.0% cap · market cap 6.79%
Theoretical Best
Specialty Retail
$7.86M
$6.88M – $9.17M
NOI $550,123 @ 7.0% cap · market cap 110.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 17113, PA
11,649
Population
4,955
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
88%
High-School Grad
4.2 sq mi
ZIP Area
2,774
Density / Sq Mi
$60,554
Median Household Income
$32,681
Median Earnings
$1,091
Median Rent
$141,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential property with renovated units, a separately leased garage, and R-2 zoning.
Where is this quadplex located?
The property is located at 502 2nd St Steelton, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Four residential units in a 4,267‑square‑foot quadplex; Fully occupied with established tenants; Several units renovated in 2019
